MARKET WRAP: JSE closes firmer as resources rally
President Trump’s speech is declared ‘presidential’, buoying commodity prices and seeing the Dow break through 21,000
Resource stocks were the flavour of the day on Wednesday as the JSE snapped a three-day losing streak, with commodity prices buoyed by US President Donald Trump’s upbeat speech to Congress on Tuesday. Gold and platinum stocks were lower on the stronger dollar with spot gold retreating 0.66% to $1,239 an ounce in late afternoon trade. At the JSE’s close platinum was down 0.44% at $1,014 an ounce. The property index pared early morning losses when subdued interim results from Growthpoint dragged down the index. Banks and retailers were strong performers on the day. The Dow Jones opened 0.90% higher, hitting 21,000 for the first time, as Trump’s address before Congress buoyed sentiment, despite Trump not providing much detail on tax reform and fiscal policies. Analysts were lavish in their praise of Trump’s performance, saying he appeared "presidential" for the first time after a chaotic start to his presidency. The JSE all share closed 1.05% higher at 51,682.20 and the blue-chip top 4...
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